Report: Cavs heading to New Jersey to pitch Kyrie Irving on max extension
It's long been expected that the Cleveland Cavaliers would look to lock up point guard Kyrie Irving to a long-term extension this summer, and those plans appear to be going ahead even after a shakeup in the general manager and head coach positions.
Irving is entering the final year of his rookie scale contract, which will pay him $7.07 million this season. From there, he would become a restricted free agent, but many top young players negotiate an extension before it gets to that point. When the league year begins on July 1, the Cavs will have four months to negotiate an extension with Irving, otherwise he'd be assured of restricted free agency next summer.
While they have until Oct. 31 to get something done, the Cavs aren't wasting any time, according to multiple reports (and first reported by ESPN).
Sources: Cavaliers flying to NJ today to offer @KyrieIrving max deal (5 yrs, $90 million) on July 1
— Chris Broussard (@Chris_Broussard) June 30, 2014
Based on Irving's experience, the first year of his extension can "only" be 25 percent of the team's salary cap, though that would later increase as high as 30 percent if Irving is voted as a starter in the All-Star Game next season or wins the MVP award. 25 percent of this year's cap is expected to be $15.8 million, which would see him earn closer to $92 million over the life of the deal.
The five-year part of the contract is important, too, as that makes Irving the team's "designated player," the lone player on the roster who can receive a five-year extension coming off of his rookie deal.
Irving is said to be pleased with new head coach David Blatt so far, and it would be tough to find fault in the selection of Andrew Wiggins first overall.
What's more, there's little reason for Irving not to sign the extension - it's guaranteed long-term money now and protects him against uncertainty. Even if he wanted to leave Cleveland, he would have to play out the season and then play out 2015-16 on a qualifying offer (just shy of $10 million) to become an unrestricted free agent. It seems more or less a formality that the deal gets done at some point.
The 22-year-old Irving has averaged 22.1 points, 3.9 rebounds, 6.2 assists and 1.5 steals through three seasons. While he's had some trouble with injuries and is yet to appear in the playoffs, he is unquestionably one of the best young guards in basketball.